Hurricane Losses Stabilizing Property Rates
NU Online News Service, Oct. 5, 10:35 a.m. EDT?The slide in property insurance prices is halting due to the devastating hurricane season and rates could even rise over the short term, according to data from the operator of an online insurance agents marketplace.[@@]
"Estimated total insured losses for the 2004 hurricane season will exceed $20 billion. As a result, the property market is stabilizing," commented Marketscout Chief Executive Richard Kerr. "We expect the recent trend of property rate reductions to cease and in fact anticipate rate increases for coastal properties and offshore oil and gas operations."
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